PositiveID Corporation Meets Major Development Milestone: New Firefly Dx Prototype With Real-Time Optics for Pathogen Detection

Published 8:30 AM ET Mon, 12 Oct 2015
Globe Newswire

DELRAY BEACH, Fla., Oct. 12, 2015 (GLOBE NEWSWIRE) -- PositiveID Corporation (“PositiveID” or “Company”) (OTCQB:PSID), a developer of biological detection and diagnostics solutions, announced today that it has produced a new and upgraded version of the Firefly Dx polymerase chain reaction (“PCR”) breadboard prototype pathogen detection system (“prototype system”), which now incorporates real-time optics for pathogen detection in less than 20 minutes.

The inclusion of real-time optics on the Firefly Dx prototype system enables the measurement of fluorescence with every cycle of the PCR process, which is used to understand the amount of pathogen present, and produces an “S-shaped” curve that can be identified. The S-shaped curve helps first responders and healthcare professionals understand the quality of the test being performed and to quantify the amount of pathogen present in the sample, both of which are important in determining next steps (such as quarantine measures) following a positive result.

This latest development advancement also enables the Company to run its own and third-party assays directly on the Firefly Dx prototype system, without the need to use a commercial instrument for confirmation of results.

“This new prototype system is a big step forward in the development of a commercially available Firefly Dx unit as we move to capture a portion of the multi-billion dollar real-time PCR market,” said William J. Caragol, Chairman and CEO of PositiveID. “By incorporating real-time optics into our system, we can begin to measure the presence of a pathogen in real-time, which is an integral component of the Firefly Dx value proposition.”

PositiveID's Firefly Dx is designed to provide real-time, accurate diagnostic results in less than 20 minutes from a handheld device, thereby leading to treatment scenarios at the point of need that are not possible with existing systems, which require lab-based equipment, highly trained personnel, and can take hours or even days to provide results. Firefly's applications include point-of-need, lab-quality, detection of pathogenic organisms; agricultural and food screening in both domestic sectors and developing countries; and detection of biological agents associated with weapons of mass destruction.

The Company previously announced production of the Company's first article, molded PCR chips for the Firefly Dx cartridge, which enables it to produce large quantities of PCR chips at a lower cost, thereby enabling higher throughput of testing data and cost-effective field applications. PositiveID is now able to incorporate and optimize additional assays on its Firefly Dx cartridge with a disposable PCR chip.

Firefly Dx is targeting the global PCR market, which is projected to reach approximately $27.4 billion this year, according to a Research and Markets' report Polymerase Chain Reaction (PCR) - Products/Tools - A Global Market Watch, 2009-2015.

About PositiveID CorporationPositiveID Corporation is a life sciences tools and diagnostics company that develops biological detection systems for point-of-need testing and America’s homeland defense industry. PositiveID is focused on the development of microfluidic systems for the automated preparation of and performance of biological assays in order to detect biological threats and analyze biological samples. For more information on PositiveID, please visit http://www.psidcorp.com, or connect with PositiveID on Twitter, Facebook or LinkedIn.

Statements about PositiveID's future expectations, including the likelihood that this new prototype system is a big step forward in the development of a commercially available Firefly Dx unit as the Company moves to capture a portion of the multi-billion dollar real-time PCR market; constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and PositiveID’s actual results could differ materially from expected results. These risks and uncertainties include, without limitation, the Company’s ability to target the bio-threat detection and rapid medical testing sectors; the Company’s ability to complete the development and commercialization of its Firefly Dx system; as well as other risks. Additional information about these and other factors that could affect the Company's business is set forth in the Company’s various filings with the Securities and Exchange Commission, including those set forth in the Company's 10-K filed on March 30, 2015, and 10-Qs filed on August 13, 2015, May 15, 2015, and November 17, 2014, under the caption “Risk Factors.” The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.